Tuesday, January 10, 2012

Trade 1272: Euro Making a Stand?

First Trade of 2012, I'm betting on a EuroUSD price rebound.

We are playing off the breakout on the 10 minute 1.278, and a HS pattern on the hourly.  The risk in this trade is that it's happening pre-euro markets, which always shows some head fakes, however, recent risk-on action in the sp500, and decent economic data, may be just enough headwind to nudge this crapshoot currency back to 1.3.